Consistency of positive performance over five years

22

positive 5-year periods

0

negative 5-year periods

Performance shown does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods.
For complete fund performance, please click on the performance tab.

Related topics

We see more attractive fixed income risks outside of interest rates, in part because U.S. economic growth may warrant more rate hikes by the Fed.

Performance

Total return (%) as of 03/31/19

Annual performance as of 03/31/19

Annual
Cumulative

Annualized Total return (%) as of 03/31/19

Annualized performance

1 yr.

3 yrs.

5 yrs.

10 yrs.

Before sales charge

2.63%

5.08%

2.08%

2.90%

After sales charge

N/A

N/A

N/A

N/A

ICE BofAML U.S. Treasury Bill Index

2.17%

1.19%

0.76%

0.46%

Cumulative Total return (%) as of 03/31/19

Cumulative performance

1 yr.

3 yrs.

5 yrs.

10 yrs.

Before sales charge

2.63%

16.02%

10.84%

33.15%

After sales charge

N/A

N/A

N/A

N/A

Annual performance as of 03/31/19

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Before sales charge

8.44%

3.35%

-4.12%

5.94%

4.58%

1.81%

-1.72%

2.23%

5.53%

0.90%

ICE BofAML U.S. Treasury Bill Index

0.29%

0.21%

0.14%

0.12%

0.09%

0.06%

0.09%

0.37%

0.81%

1.88%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund, respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

Before sales charge

After sales charge

1 mt.
as of 04/30/19

0.76%

-

YTD
as of 05/24/19

4.10%

-

Yield

Distribution rate before sales chargeas of 05/24/19

4.10%

Distribution rate after sales chargeas of 05/24/19

4.10%

30-day SEC yield as of 04/30/19

4.14%

Volatility as of
04/30/19

Standard deviation (3 yrs.)

2.10%

Morningstar Ratings™as of 04/30/19

Time period

Funds in category

Morningstar Rating™

Overall

272

3 yrs.

272

5 yrs.

191

10 yrs.

64

Morningstar category: Nontraditional Bond

Distributions

Record/Ex dividend date

05/16/19

Payable date

05/20/19

Income

$0.033

Extra income

--

Short-term cap. gain

--

Long-term cap. gain

--

Lipper rankings are based on total return without sales charge
relative to all share classes of funds with similar objectives as
determined by Lipper. Past performance is not indicative of future
results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.

Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Maturity detail
as of 04/30/19

0 - 1 yr.

-0.79%

1 - 5 yrs.

42.45%

5 - 10 yrs.

56.37%

10 - 15 yrs.

0.95%

Over 15 yrs.

1.02%

Quality rating as of 04/30/19

AAA

44.67%

AA

10.64%

A

7.70%

BBB

13.95%

BB

20.66%

B

4.73%

CCC and Below

2.95%

Not Rated

-5.30%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Allocation of assets among fixed-income strategies and sectors may hurt performance. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are subject to prepayment risk, which means that they may increase in value less when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities have illiquidity and volatility risks. The fund may not achieve its goal, and it is not intended to be a complete investment program. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund's efforts to produce lower-volatility returns may not be successful and may make it more difficult at times for the fund to achieve its targeted return. Under certain market conditions, the fund may accept greater-than-typical volatility to seek its targeted return. You can lose money by investing in the fund. The fund’s prospectus lists additional risks.

Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. To-be-announced (TBA) mortgage commitments, if any, are included based on their issuer ratings. Ratings may vary over time. Cash, derivative instruments, and net other assets are shown in the not-rated category. Payables and receivables for TBA mortgage commitments are included in the not-rated category and may result in negative weights. The fund itself has not been rated by an independent rating agency.

Country allocation
as of 04/30/19

United States

89.70%

Greece

2.23%

Canada

1.08%

Australia

0.89%

Mexico

0.86%

United Kingdom

0.76%

Brazil

0.59%

France

0.54%

Indonesia

0.48%

Other

2.87%

Uruguay

0.37%

Netherlands

0.36%

Switzerland

0.35%

Sweden

0.33%

Russia

0.30%

Argentina

0.29%

Ireland

0.23%

Luxembourg

0.22%

Peru

0.16%

Ivory Coast

0.12%

Israel

0.10%

Senegal

0.10%

Venezuela

0.06%

Norway

0.05%

Czech Republic

-0.01%

New Zealand

-0.01%

Japan

-0.05%

European Community

-0.10%

1

Expenses

Expense ratio

Class A

Class B

Class C

Class M

Class R

Class R6

Class Y

Total expense ratio

0.80%

1.00%

1.55%

0.85%

1.05%

0.55%

0.55%

What you pay

0.80%

1.00%

1.55%

0.85%

1.05%

0.55%

0.55%

Sales charge

Breakpoint

Class A

Class B

Class C

Class M

Class R

Class R6

Class Y

$0-$49,999

2.25% / 2.00%

0.00% / 1.00%

0.00% / 1.00%

0.75% / 0.75%

--

--

--

$50,000-$99,999

2.25% / 2.00%

0.00% / 1.00%

0.00% / 1.00%

0.75% / 0.75%

--

--

--

$100,000-$249,999

1.75% / 1.50%

--

0.00% / 1.00%

0.75% / 0.75%

--

--

--

$250,000-$499,999

1.25% / 1.00%

--

0.00% / 1.00%

0.75% / 0.75%

--

--

--

$500,000-$999,999

0.00% / 1.00%

--

--

--

--

--

--

$1M-$4M

0.00% / 1.00%

--

--

--

--

--

--

$4M-$50M

0.00% / 0.50%

--

--

--

--

--

--

$50M+

0.00% / 0.25%

--

--

--

--

--

--

CDSC

Class A(sales for $500,000+)

Class B

Class C

Class M

Class R

Class R6

Class Y

0 to 9 mts.

1.00%

1.00%

1.00%

--

--

--

--

9 to 12 mts.

1.00%

1.00%

1.00%

--

--

--

--

2 yrs.

0.00%

0.50%

0.00%

--

--

--

--

3 yrs.

0.00%

--

0.00%

--

--

--

--

4 yrs.

0.00%

--

0.00%

--

--

--

--

5 yrs.

0.00%

--

0.00%

--

--

--

--

6 yrs.

0.00%

--

0.00%

--

--

--

--

7+ yrs.

0.00%

--

0.00%

--

--

--

--

Trail commissions

Class A

Class B

Class C

Class M

Class R

Class R6

Class Y

0.25%

0.25%

1.00%

0.30%

0.50%

0.00%

0.00%

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

For sales and trail commission information on purchases over $500,000 and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The ICE BofA ML U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion. You cannot invest directly in an index.

Each fund seeks to earn a positive total return that exceeds the rate of inflation by a targeted amount over a reasonable period of time regardless of market conditions. There can be no assurance that a fund will meet its objective. The fund is not intended to outperform stocks and bonds during strong market rallies. Consult your financial advisor to determine which fund fits into your investment goals and time horizon.

Consider these risks before investing: Allocation of assets among fixed-income strategies and sectors may hurt performance. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are subject to prepayment risk, which means that they may increase in value less when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities have illiquidity and volatility risks. The fund may not achieve its goal, and it is not intended to be a complete investment program. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund's efforts to produce lower-volatility returns may not be successful and may make it more difficult at times for the fund to achieve its targeted return. Under certain market conditions, the fund may accept greater-than-typical volatility to seek its targeted return. You can lose money by investing in the fund. The fund’s prospectus lists additional risks.

Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. To-be-announced (TBA) mortgage commitments, if any, are included based on their issuer ratings. Ratings may vary over time. Cash, derivative instruments, and net other assets are shown in the not-rated category. Payables and receivables for TBA mortgage commitments are included in the not-rated category and may result in negative weights. The fund itself has not been rated by an independent rating agency.

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